Stock Yards Bank & Trust Co. Sells 2,640 Shares of Starbucks Corporation $SBUX

Stock Yards Bank & Trust Co. cut its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,942 shares of the coffee company’s stock after selling 2,640 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Starbucks were worth $6,867,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Napa Wealth Management bought a new stake in Starbucks in the first quarter valued at $1,435,000. Personal CFO Solutions LLC grew its position in Starbucks by 125.5% in the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company’s stock valued at $908,000 after acquiring an additional 5,151 shares during the period. First Manhattan CO. LLC. grew its position in Starbucks by 33.1% in the first quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company’s stock valued at $43,777,000 after acquiring an additional 111,015 shares during the period. Fox Run Management L.L.C. bought a new stake in Starbucks in the first quarter valued at $998,000. Finally, Norden Group LLC grew its position in Starbucks by 66.1% in the first quarter. Norden Group LLC now owns 30,219 shares of the coffee company’s stock valued at $2,964,000 after acquiring an additional 12,027 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Down 0.3%

Starbucks stock opened at $86.42 on Friday. The business’s 50-day simple moving average is $87.56 and its 200 day simple moving average is $88.61. The stock has a market cap of $98.23 billion, a price-to-earnings ratio of 37.25, a P/E/G ratio of 4.26 and a beta of 1.01. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. Starbucks’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 EPS. As a group, sell-side analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 2.9%. Starbucks’s payout ratio is currently 105.17%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SBUX. Barclays increased their target price on Starbucks from $106.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Morgan Stanley restated an “overweight” rating and set a $103.00 target price (up previously from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. CICC Research began coverage on Starbucks in a report on Monday, June 30th. They set an “outperform” rating and a $100.00 target price on the stock. Guggenheim increased their target price on Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Finally, Loop Capital set a $165.00 target price on Starbucks in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus price target of $104.00.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.